Bit Digital Inc (BTBT) 2024 Q4 法說會逐字稿

Hello, and welcome to the Bit Digital Fiscal Year 2024 earnings conference call. Good morning, good afternoon and good evening, depending on where you're joining us from. Thank you for being here. We're just giving a few more moments for attendees to dial in, so thank you for your patience.

您好，歡迎參加 Bit Digital 2024 財年財年財報電話會議。早安，下午好，晚上好，這取決於您從哪裡加入我們。感謝您的光臨。我們只是給與會者一些時間撥入，所以感謝您的耐心等待。

(Operator Instructions)

（操作員指示）

Also, as a reminder, today's conference is being recorded. I'll now hand it over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours.

另外，提醒一下，今天的會議正在錄製中。現在我將把時間交給主持人、Bit Digital 投資者關係主管 Cameron Schnier。卡梅倫，現在請你發言。

Thank you. Good morning, and welcome to the Bit Digital 2024 Earnings Call. Joining us on the call today are Sam Tabar, Chief Executive Officer; and Erke Huang, Chief Financial Officer.

謝謝。早安，歡迎參加 Bit Digital 2024 財報電話會議。今天參加電話會議的有執行長 Sam Tabar；以及財務長黃爾克。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements.

在我們開始之前，我想提醒所有與會者，我們今天所做的一些演講是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。

I therefore refer you to today's 10-K filing and our other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our 10-K filing, which is on our website.

因此，我請您參閱今天的 10-K 文件和我們向 SEC 提交的其他文件。我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的 10-K 檔案中找到。

After our prepared remarks, we will open the call up for questions. If you would like to ask a question, please hit star one on your keypad. With that covered, I will turn the call over to Sam to discuss our performance. Sam?

在我們準備好發言之後，我們將開始提問。如果您想提問，請在鍵盤上按星號。談完這些之後，我將把電話轉給 Sam 來討論我們的表現。山姆？

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. Today, I'll walk through our 2024 results, highlight key milestones from a transformational year and provide insight into the strategic direction of Bit Digital as we scale our HPC operations. 2024 was a fantastic year for Bit Digital. Revenues grew exponentially by 141%. Margins expanded and adjusted EBITDA reached $73 million. This was driven by the rapid growth of our HPC business, which started in 2024 with one customer. And by early January of this year, we surpassed 20 customers.

謝謝你，卡姆。女士們、先生們，感謝你們今天參加我們的電話會議。今天，我將介紹我們 2024 年的業績，重點介紹轉型之年的關鍵里程碑，並在我們擴展 HPC 營運時深入了解 Bit Digital 的策略方向。 2024 年對 Bit Digital 來說是輝煌的一年。收入大幅增加了141%。利潤率擴大，調整後的 EBITDA 達到 7,300 萬美元。這是由我們的 HPC 業務的快速成長推動的，該業務於 2024 年由一位客戶啟動。到今年 1 月初，我們的客戶數量已超過 20 家。

HPC revenue made up over 40% of full year revenue and more than half of Q4 revenue. The end of the acquisition was a major leap forward.

HPC 收入佔全年營收的 40% 以上，佔第四季營收的一半以上。此次收購的結束是一次重大的飛躍。

This acquisition vertically integrated our data center operations, added a strong customer base and brought in a highly experienced team. This team gives us a huge advantage in scaling our infrastructure business. We also built out our organization. Type count has been focused on hiring seasoned value creators, all focused either on data center operations or cloud services.

此次收購垂直整合了我們的資料中心運營，增加了強大的客戶群，並帶來了一支經驗豐富的團隊。這個團隊為我們擴展基礎設施業務提供了巨大的優勢。我們也建立了我們的組織。Type count 一直致力於聘用經驗豐富的價值創造者，他們都專注於資料中心營運或雲端服務。

These are businesses you could just throw capital at. You need the right talent. We now have specialized teams leading both divisions. We have a lot to cover today. I'll walk through each part of the business. Erike will then walk you through the financials before we open the line for questions.

這些是您可以直接投入資金的企業。您需要合適的人才。我們現在有專門的團隊來領導這兩個部門。今天我們有很多內容要講。我將詳細介紹業務的每個部分。在我們開始回答問題之前，Erike 將向您介紹財務狀況。

First, let's start with our Cloud Services business. As we scale our AI infrastructure, we recently launched White Fiber, our new HPC platform that integrates GPU cloud services and data center operations. As part of this evolution, we have updated our segment reporting to better reflect our business structure. What was previously referred to as high-performance computing services is now categorized under HPC, the umbrella term for our entire white fiber business.

首先，讓我們從雲端服務業務開始。隨著我們擴大 AI 基礎設施的規模，我們最近推出了 White Fiber，這是我們的新 HPC 平台，它整合了 GPU 雲端服務和資料中心營運。作為這一演變的一部分，我們更新了分部報告，以更好地反映我們的業務結構。以前被稱為高效能運算服務現在被歸類為 HPC，這是我們整個白色光纖業務的總稱。

Cloud Services represents our GPU cloud platform, while colocation services include our data center business from. Cloud services did not exist in 2023, and it became our largest business in terms of revenue generation by the second half of 2024, producing $13 million of revenue in the fourth quarter of 2024.

雲端服務代表我們的GPU雲端平台，而主機託管服務包括我們的資料中心業務。雲端服務在 2023 年還不存在，但到 2024 年下半年，它已成為我們創造最大的業務，在 2024 年第四季創造了 1,300 萬美元的收入。

This segment contributed 50% of total revenue in Q4 and 64% of gross profit. Gross profit contracted slightly in Q4 as we added new GPUs and leased additional data center capacity ahead of revenue generation. We view this as temporary as we expect margins to normalize over time.

該部門貢獻了第四季度總收入的50%和毛利的64%。由於我們在創造收入之前增加了新的 GPU 並租賃了額外的資料中心容量，因此第四季度的毛利略有萎縮。我們認為這只是暫時的，因為我們預計利潤率會隨著時間的推移而恢復正常。

A key factor was GPU leasing expenses, particularly the H-100 sale leaseback from early 2024, which accounted for 70% of cost of revenue for that segment. That was a unique structure reflecting our risk tolerance at that time.

一個關鍵因素是 GPU 租賃費用，特別是從 2024 年初開始的 H-100 售後回租費用，佔該部門收入成本的 70%。這是一個獨特的結構，反映了我們當時的風險承受能力。

Going forward, as we own more GPUs outright or deploy more traditional financing structures, we expect margins to expand. We currently have nine active customers in our cloud segments of white fiber. The majority are running single-digit servers with annualized revenue or ARR below $1 million, but most were won in the past few months. And this aligns with our strategy of onboarding customers and scaling deployments over time.

展望未來，隨著我們直接擁有更多 GPU 或部署更多傳統融資結構，我們預計利潤率將會擴大。目前，我們在白色光纖雲領域擁有九個活躍客戶。大多數都運行個位數的伺服器，年收入或 ARR 低於 100 萬美元，但大多數都是在過去幾個月內贏得的。這與我們逐步吸收客戶和擴大部署的策略一致。

We are happy to start with smaller initial deployments to earn trust, demonstrate performance and expand contract sizes as the relationships grow. Our cloud services run rate is approximately $62 million. This will increase to around $72 million later this month when the H200 contract of DNA fund begins generating revenue. Revenue generation on the contract was pushed out by a month as we ensured full reliability before going live. A decision made deliberately to prioritize customer experience and long-term satisfaction.

我們很高興從較小的初始部署開始，以贏得信任、展示性能並隨著關係的發展擴大合約規模。我們的雲端服務運行率約為 6200 萬美元。本月晚些時候，當 DNA 基金的 H200 合約開始產生收入時，這一數字將增加至約 7,200 萬美元。由於我們在上線前確保了完全的可靠性，合約的收入產生時間被推遲了一個月。這是經過深思熟慮的決定，優先考慮客戶體驗和長期滿意度。

Additionally, we have a $15 million in ARR expected to start at the end of June when we deploy 512 B200 GPUs for our anchor customer. And separately, we received our first 512 B200 GPUs, which are being deployed in Iceland.

此外，當我們為我們的主要客戶部署 512 個 B200 GPU 時，我們預計將於 6 月底開始獲得 1500 萬美元的 ARR。另外，我們也收到了首批 512 塊 B200 GPU，它們正在冰島部署。

We expect this cluster to go live in April and plan to offer these GPUs through an on-demand pool via third-party platforms. This would be an interim step as we internally -- as we work internally on developing our own on-demand platform.

我們預計該集群將於 4 月上線，並計劃透過第三方平台的按需池提供這些 GPU。這將是我們內部開發自己的按需平台的一個臨時步驟。

While we see strong demand for reserved B200 contracts, we believe on-demand deployment effectively pulls forward revenue and shortens payback periods. Based on current market dynamics, this cluster could generate approximately $25 million in additional ARR. We also have about 113 H200 servers or 908 GPUs currently being configured, and we are evaluating reserve contract options for those units. Illustratively, at $2 per hour, that is another $16 million in ARR once contracted.

雖然我們看到對預留 B200 合約的強勁需求，但我們相信按需部署可以有效地提前收入並縮短回報期。根據目前的市場動態，該集群可以產生約 2500 萬美元的額外 ARR。我們目前也配置了大約 113 台 H200 伺服器或 908 台 GPU，並且正在評估這些裝置的儲備合約選項。舉例來說，以每小時 2 美元計算，一旦簽訂合同，ARR 還將增加 1,600 萬美元。

Overall, our customer pipeline remains strong and dynamic. Demand for B200 is surging. Also, since DeepSeek, we've seen renewed enthusiasm for H100s and H200s because one can do less with more. or rather one can do more with less. We're consistently engaging new prospective customers, and demand continues to outstrip supply.

整體而言，我們的客戶管道依然強勁且充滿活力。B200 的需求正在激增。此外，自從 DeepSeek 推出以來，我們看到了人們對 H100 和 H200 的熱情重新燃起，因為人們可以用更多資源做更少的事情。或者更確切地說，人們可以用更少的錢做更多的事情。我們不斷吸引新的潛在客戶，並且需求持續超過供應。

While we see significant growth opportunities, we are taking a disciplined approach to GPU procurement, carefully managing capital deployment to avoid excess inventory risk. Our focus is on growing at a pace that aligns with customer trust, ensuring that as relationships deepened, we scale deployments accordingly.

雖然我們看到了巨大的成長機會，但我們對 GPU 採購採取了嚴謹的態度，謹慎管理資本部署，以避免庫存過剩風險。我們的重點是以與客戶信任相符的速度成長，確保隨著關係的深刻，我們會相應地擴大部署規模。

We've also invested in top-tier technical talent to build a robust, software-driven infrastructure that enhances performance, reliability and scalability. Customers don't just need access to GPUs. They need a trusted high-performance platform that ensures seamless deployment and maximum performance.

我們還投資了頂尖的技術人才來建立強大的、軟體驅動的基礎設施，以提高效能、可靠性和可擴展性。客戶不僅僅需要存取 GPU。他們需要一個值得信賴的高效能平台，以確保無縫部署和最佳效能。

Our investment in this technology layer to deliver just that is a key differentiator, helping us drive customer trust, retention and long-term growth. Also, with Boosteroid, the third largest cloud gaming provider in the world, we continue to expand our partnership.

我們對該技術層面的投資正是實現這一目標的關鍵因素，有助於我們贏得客戶信任、維持客戶留任並實現長期成長。此外，我們也將繼續擴大與全球第三大雲端遊戲供應商 Boosteroid 的合作。

Currently, we have just under 500 GPUs contracted, represented approximately $1.6 million in annual revenue over the five year term. We are in process of finalizing an agreement to deploy an additional 700 GPUs, which if completed, would generate an additional $2.4 million in annual revenue for Boosteroid. And we expect the deployment cadence to accelerate throughout 2025.

目前，我們已簽訂了近 500 個 GPU 的合同，五年內每年的收入約為 160 萬美元。我們正在敲定一項協議，部署另外 700 個 GPU，如果完成，將為 Boosteroid 每年額外創造 240 萬美元的收入。我們預計 2025 年部署節奏將會加快。

Our GPU procurement strategy is a balancing act between growth and risk. We are focused on scaling customer deployments and expanding GPU capacity to meet growing demand. Several live opportunities are substantial with contracts representing a nine-figure annual revenue and three- to four-year locked-up terms.

我們的 GPU 採購策略是在成長和風險之間取得平衡。我們專注於擴大客戶部署和擴展 GPU 容量以滿足不斷增長的需求。一些實際機會非常重要，合約代表九位數的年收入和三到四年的鎖定期。

We are firmly in the mix for blue chip deals. As our AI compute grows, our focus remains on execution, efficiency and customer relationships. White fiber is scaling rapidly, and we believe we are well positioned to be a leader in AI infrastructure.

我們堅定地處於藍籌交易之列。隨著我們的人工智慧運算能力的成長，我們的重點仍然放在執行、效率和客戶關係上。白色光纖正在迅速擴張，我們相信我們有能力成為人工智慧基礎設施的領導者。

Turning to our colocation services segment of White Fiber. This business was established with our acquisition of in October 2024, marking a major step in our evolution as an HPC platform. Before the acquisition, we had no colocation business.

轉向我們的 White Fiber 主機託管服務部門。該業務於 2024 年 10 月因收購而成立，標誌著我們作為 HPC 平台發展的重要一步。在收購之前，我們沒有主機託管業務。

Now, we operate a Tier 3 data center with a full roster of clients, which currently stands at 14 active customers. We added a recurring revenue stream and expanded our expertise. Beyond its immediate contribution, provides a scalable foundation for future growth, backed by an experienced team and a very robust development pipeline. The Enovum acquisition is a gift that keeps on giving.

現在，我們經營一個 Tier 3 資料中心，擁有完整的客戶名單，目前共有 14 個活躍客戶。我們增加了經常性收入來源並擴展了我們的專業知識。除了直接貢獻之外，還以經驗豐富的團隊和非常強大的開發管道為未來的發展提供了可擴展的基礎。收購 Enovum 是一份持續給予的禮物。

Since closing the acquisition, we have moved quickly to expand our colocation capacity and secure strategic customer segments, sorry, customer agreements. In Q4, we acquired Montreal a 160,000 square foot industrial site in Montreal for approximately $23 million as part of our planned expansion to 32 megawatts by 2025. We Montreal 2 is being developed into a 5-megawatt Tier 3 data center expected to go live in mid-2025. The facility will be powered by 100% renewable hydroelectricity and will feature direct-to-ship liquid cooling.

自完成收購以來，我們迅速採取行動，擴大我們的主機託管能力並確保策略客戶群，對不起，是客戶協議。第四季度，我們以約 2,300 萬美元的價格收購了位於蒙特婁的一處 16 萬平方英尺的工業用地，這是我們計劃在 2025 年擴建至 32 兆瓦的一部分。我們蒙特婁 2 號正在開發成為一個 5 兆瓦的 Tier 3 資料中心，預計 2025 年中期投入使用。該設施將 100% 採用再生水力發電，並採用直接向船舶提供液體冷卻技術。

This -- the site provides key advantages in accelerating our development pipeline. The property was well suited for a retrofit and includes transferable HVAC infrastructure allowing us to reduce costs and bring capacity online faster. A core tenet of our growth strategy. We still expect to complete the retrofit for approximately $19 million. We are also in the process of securing cost-effective mortgage financing to support the build-out in a non-dilutive manner. We plan on announcing the customer for Montreal 2 at a later date.

該網站為加速我們的開發流程提供了關鍵優勢。該物業非常適合改造，包括可轉移的 HVAC 基礎設施，使我們能夠降低成本並更快地實現產能上線。我們成長策略的核心原則。我們仍預計完成改造將耗資約 1900 萬美元。我們也正在爭取具有成本效益的抵押貸款融資，以非稀釋的方式支持建造。我們計劃稍後宣布蒙特利爾 2 的客戶。

In February, we announced a multiyear colocation agreement with a leading AI hardware innovator. This client is the manufacturer of the fastest inference LLM processor in the world. Cerebras is launching six new data center sites in North America and chose us to be their partner for their first-ever Canadian data center. This agreement is a major validation of our colocation strategy, reinforcing our ability to provide high-performance build-to-suit infrastructure for industry leaders.

今年 2 月，我們宣布與一家領先的人工智慧硬體創新者達成多年期主機託管協議。該客戶是世界上最快的推理LLM處理器的製造商。Cerebras 正在北美推出六個新的資料中心站點，並選擇我們作為其首個加拿大資料中心的合作夥伴。該協議是對我們主機託管策略的重要驗證，增強了我們為產業領導者提供高效能客製化基礎設施的能力。

Under this contract, we will provide 5 megawatts of customized high-density colocation capacity over a five-year term. The location for the development has been selected, and we are in the process of finalizing legal ownership of the site. Once that process is complete, we will formally announce the location. We expect the contract to commence in mid-2025.

根據該合約，我們將在五年內提供 5 兆瓦的客製化高密度主機託管容量。開發地點已經選定，我們正在最終確定該地點的合法所有權。一旦該過程完成，我們將正式宣布地點。我們預計合約將於 2025 年中期開始生效。

Cerebras is pioneering wafer-scale technology, which enables ultrafast AI infrastructure for some of the largest and most complex AI workloads in the world. Their deployment with us will be the first of its kind in Canada expanding AI compute access to enterprises, research institutions and government entities.

Cerebras 是晶圓級技術的先驅，該技術為世界上一些最大、最複雜的 AI 工作負載提供超快的 AI 基礎設施。他們與我們一起部署的這項技術將是加拿大首創，將擴大企業、研究機構和政府實體對人工智慧運算的使用。

This deployment required a highly customized, high-density solution validating our ability to design infrastructure for next-generation AI workloads with very unique technical requirements. Beyond this initial deployment, we see significant potential for future expansion as Cerebras continues to scale its infrastructure. Their rapid growth reflects the increasing demand for high-density AI-optimized colocation. Our ability to meet their highly specialized requirements underscores the strength and adaptability of our platform. We are super excited to support them in their next phase of development.

此次部署需要高度客製化、高密度的解決方案，驗證我們為具有非常獨特技術要求的下一代人工智慧工作負載設計基礎設施的能力。除了這次初步部署之外，隨著 Cerebras 繼續擴展其基礎設施，我們還看到了未來擴展的巨大潛力。它們的快速增長反映了對高密度 AI 優化主機託管日益增長的需求。我們滿足其高度專業化要求的能力凸顯了我們平台的強度和適應性。我們非常高興能夠支持他們下一階段的發展。

As mentioned, we are deep in the mix for blue-chip deals. And that's a prime example of one. Stay tuned for more. Beyond Montreal 2, our development pipeline has expanded significantly, now totaling 510 megawatts including 156 megawatts under exclusive LOI.

如前文所述，我們深入參與藍籌股交易。這就是一個典型的例子。敬請關注。除了蒙特婁 2 號專案外，我們的開發案也大幅擴展，目前總計 510 兆瓦，其中包括獨家意向書下的 156 兆瓦。

This includes sites in both Canada and the US with six locations under exclusive LOI ranging from 8 megawatts to 100 megawatts. The major driver for the pipeline expansion was the addition of locations in the United States, we recently brought a US site under LOI that could redefine our data center platform.

其中包括位於加拿大和美國的六個地點的獨家意向書，發電能力從 8 兆瓦到 100 兆瓦不等。管道擴張的主要驅動力是美國新增了站點，我們最近根據意向書 (LOI) 建立了一個美國站點，這可以重新定義我們的資料中心平台。

It's developed. It could be our largest project to date, significantly expanding our scale and market position. Even with our planned capacity expansions, we continue to receive more customer demand than we can currently accommodate. This underscores the urgent need for additional high-performance data center space and reinforces our approach of prioritizing execution speed and customer alignment.

已經發展了。這可能是我們迄今為止最大的項目，大大擴大了我們的規模和市場地位。即使我們打算擴大產能，但我們收到的客戶需求仍然超出了我們目前所能滿足的範圍。這凸顯了對額外高效能資料中心空間的迫切需求，並強化了我們優先考慮執行速度和客戶一致性的方法。

Everyone knows about the current tariff wars that are playing out. We're currently monitoring and assessing their potential impact on our data centers build out. Many critical components such as generators, HVAC systems and electrical infrastructure are imported from the United States, Canada and Mexico, and new tariffs could increase build costs.

每個人都知道目前正在發生的關稅戰。我們目前正在監測和評估它們對我們的資料中心建設的潛在影響。發電機、暖通空調系統和電力基礎設施等許多關鍵零件都是從美國、加拿大和墨西哥進口的，新的關稅可能會增加建造成本。

We are evaluating strategies to mitigate potential increases including diversifying supply chain and optimizing procurement, while monitoring if, how and when these tariff policies may take place. Looking ahead, we believe inference will be the largest driver for long-term AI compute demand. And we are positioning our data centers to capture this shift. Strategically, we are developing in metropolitan areas where we expect the broadest customer appeal over time. This ensures we can meet the needs of enterprise, government and research institutions seeking low latency, high-performance AI infrastructure.

我們正在評估緩解潛在成長的策略，包括多樣化供應鏈和優化採購，同時監控這些關稅政策是否、如何以及何時實施。展望未來，我們相信推理將成為長期人工智慧運算需求的最大驅動力。我們正在定位我們的資料中心以抓住這一轉變。從戰略上來說，我們正在大都市地區進行開發，我們期望隨著時間的推移，這些地區能夠吸引最廣泛的客戶。這確保我們能夠滿足企業、政府和研究機構尋求低延遲、高效能人工智慧基礎設施的需求。

Turning to our Bitcoin mining business. We remain focused on maintaining a cost-efficient and optimized fleet rather than growing has rate for the sake of expansion. Mining accounted for 54% of revenue in 2024, down from 98% in 2023 as we prioritized investments in HPC.

轉向我們的比特幣挖礦業務。我們仍然專注於維持具有成本效益和優化的船隊，而不是為了擴張而提高費率。由於我們優先投資 HPC，採礦業佔 2024 年收入的 54%，低於 2023 年的 98%。

That said, mining remains an important part of our business, and we are taking targeted steps to improve efficiency and reduce costs. Our active mining fleet is currently around 1.6 times a hash with an efficiency of approximately 25 to 26 per terahash. We have now fully exited all claimant facilities and are refreshing our fleet with more efficient miners at new hosting sites.

儘管如此，採礦仍然是我們業務的重要組成部分，我們正在採取有針對性的措施來提高效率並降低成本。我們活躍的採礦船隊目前大約是哈希值的 1.6 倍，效率約為每太赫茲 25 到 26。我們現在已經完全退出所有礦權設施，並在新的託管地點用更有效率的礦工更新我們的礦機隊。

To replace loss ponent capacity, we secured 30 megawatts of new hosting, 19 megawatts with our Digital and 11 megawatts with . The 11-megawatt site was filled with 1,800 redeployed K Pros and about 1,400 S21 and S21 plus units.

為了彌補損失的容量，我們獲得了 30 兆瓦的新託管，其中 19 兆瓦來自我們的數字，11 兆瓦來自。該 11 兆瓦的站點裝有 1,800 台重新部署的 K Pro 和約 1,400 台 S21 和 S21 plus 裝置。

The 19-megawatt site will support some redeployed assets as well as 3,800 S21 miners adding 820 to our fleet. To date, we have deployed 941 S21 miners and 500 S21 plus units improving overall fleet efficiency. These upgrades are expected to bring our operational hash rate to approximately 2.5 times a hash by May. With pro forma efficiency to around 22 joules per terahash.

這個 19 兆瓦的站點將支援一些重新部署的資產以及 3,800 台 S21 礦工，為我們的車隊增加 820 台。迄今為止，我們已經部署了 941 台 S21 礦工和 500 台 S21 plus 裝置，提高了整體車隊效率。預計這些升級將使我們的營運哈希率到 5 月達到約 2.5 倍哈希值。預計效率約為每太赫茲 22 焦耳。

Reaching 3 times the hash would require securing an additional 6.6 megawatts of hosting and acquiring approximately 1,800 more S21 plus miners. The power is available from multiple sources, and we are actively evaluating the best path forward.

要達到 3 倍哈希值，需要額外確保 6.6 兆瓦的託管能力，並獲得約 1,800 名 S21 以上礦工。電力來自多個來源，我們正在積極評估最佳前進道路。

Our strategy remains unchanged. We are not allocating significant growth capital to mining. Instead, we are structuring the business to maintain Bitcoin exposure on a capital-efficient way, focusing on fleet optimization and cost reductions while keeping a disciplined approach to capital deployment. Mining remains a part of our portfolio, but our investment priority remains on scaling our HPC business.

我們的策略保持不變。我們不會為採礦業分配大量的成長資本。相反，我們正在建立業務，以資本高效的方式維持比特幣敞口，專注於車隊優化和成本降低，同時保持嚴謹的資本部署方式。採礦業仍然是我們投資組合的一部分，但我們的投資重​​點仍然是擴大我們的 HPC 業務。

I'll now hand over the line to Erke, who will discuss our financial results.

現在我將電話交給鴻星爾克，他將討論我們的財務表現。

Thank you, Sam. I will now discuss our financial results for 2024. As a note, we completed our transition to domestic issuer status and filed our first Form 10-K with the SEC this morning. Total revenue for the year was $108 million, a 141% increase from 2023. Revenue increased across all business lines. Bitcoin mining revenue was $58.6 million, up 32% year-over-year. A bitcoin production declined 37% to 950 bitcoin due to higher network difficulty and the April happening event.

謝謝你，山姆。我現在將討論我們 2024 年的財務表現。值得注意的是，我們已完成向國內發行人身分的轉型，並於今天上午向美國證券交易委員會提交了第一份 10-K 表格。全年總營收為 1.08 億美元，較 2023 年成長 141%。所有業務線的收入均有所成長。比特幣挖礦收入為 5,860 萬美元，較去年同期成長 32%。由於網路難度增加和四月發生的事件，比特幣產量下降了 37%，至 950 比特幣。

However, higher bitcoin prices and increased cash rate led to the overall revenue growth.

然而，比特幣價格上漲和現金利率上升帶動了整體收入的成長。

If your mistaking revenue more than doubled to $1.8 million for 2024 as we earned approximately 566 ETH in staking rewards for the year. Cloud Services generated $45.7 million in its first year of operations, starting revenue in Jan 2024, colocation services acquired through Eminem contributed $1.4 million from October 12 through the year end.

如果您誤算的話，2024 年的收入將增加一倍以上，達到 180 萬美元，因為我們當年獲得了約 566 ETH 的質押獎勵。雲端服務在營運的第一年就創造了 4,570 萬美元的收入，從 2024 年 1 月開始獲利，透過 Eminem 收購的主機代管服務從 10 月 12 日至年底貢獻了 140 萬美元。

Our total cost of revenue, excluding depreciation and amortization, was $62.4 million compared to $29.6 million in the prior year. The increase was driven by an larger mining fleet, higher network difficulty and the launch of our cloud and colocation businesses. Cloud services costs were $19.5 million with $13.6 million from age 100 server lease expenses.

我們的總收入成本（不包括折舊和攤提）為 6,240 萬美元，而上年為 2,960 萬美元。這一增長得益於採礦船隊的擴大、網路難度的提高以及雲端和主機託管業務的推出。雲端服務成本為 1,950 萬美元，其中 100 台伺服器租賃費用為 1,360 萬美元。

Gross profit was $45.7 million and nearly threefold increase from 2023. Gross margins expanded approximately 500 basis points to 42.3%, driven by cloud and colocation revenue, which offset lower mining margins due to the block rewards reductions and higher network difficulty.

毛利為 4,570 萬美元，比 2023 年成長近三倍。毛利率擴大約 500 個基點至 42.3%，這得益於雲端運算和主機託管收入，抵消了由於區塊獎勵減少和網路難度增加導致的採礦利潤率下降。

General and administrative expenses were $41.5 million, up from $27.7 million. The increase was mainly due to higher payroll and professional fees. A large portion of these fees were tied to the A&M acquisition and are not expected to recur.

一般及行政開支為 4,150 萬美元，高於 2,770 萬美元。成長的主要原因是薪資和專業費用增加。這些費用中的很大一部分與 A&M 收購有關，預計不會再次發生。

Depreciation and amortization was $32.3 million compared to $14.4 million in 2023, reflecting a larger miner and NGPU fleet. 2024 adjusted EBITDA was $73 million compared to $12.4 million in 2023. Adjusted EBITDA for 2024 includes $55.7 million of gain on digital assets, which are predominantly unrealized gains. GAAP earnings per share was $0.19 for 2024 on a fully diluted basis compared to a loss of $0.16 in 2023.

折舊和攤提為 3,230 萬美元，而 2023 年為 1,440 萬美元，反映出礦機和 NGPU 車隊規模擴大。 2024 年調整後 EBITDA 為 7,300 萬美元，而 2023 年為 1,240 萬美元。2024 年調整後的 EBITDA 包括 5,570 萬美元的數位資產收益，其中大部分為未實現收益。2024 年 GAAP 每股盈餘（完全稀釋後）為 0.19 美元，而 2023 年每股虧損為 0.16 美元。

Turning to our balance sheet. We held approximately $98.9 million of cash and restricted cash as of December 31, 2024, and our digital asset positions was worth approximately $161.4 million. Total assets were $538 million, and shareholders' equity was $463 million. We remain debt-free by actively exploring financing options for our HPC business. Capital expenditures for 2024 totaled $94 million -- the majority of the CapEx was deployed in the fourth quarter and was used to found GPU purchases and the acquisition of Montreal 2.

轉向我們的資產負債表。截至 2024 年 12 月 31 日，我們持有約 9,890 萬美元的現金和受限現金，我們的數位資產部位價值約為 1.614 億美元。總資產為 5.38 億美元，股東權益為 4.63 億美元。我們積極探索 HPC 業務的融資選擇，保持無債務狀態。2024 年的資本支出總計 9,400 萬美元——大部分資本支出部署在第四季度，用於購買 GPU 和收購 Montreal 2。

I will now turn the call back to Sam for closing remarks

現在我將把電話轉回給 Sam，請他做最後發言

Thank you, Erke. Before we open the line for questions, I want to touch on the broader trends that we're seeing across our business. We are experiencing significant and sustained demand for compute infrastructure, far exceeding the capacity we are currently bringing online. The need for high-performance computing continues to expand, and we believe we are well positioned to capitalize on this long-term trend.

謝謝你，爾克。在我們開始提問之前，我想談談我們在整個業務中看到的更廣泛的趨勢。我們對運算基礎設施的需求龐大且持續，遠遠超出了我們目前上線的容量。對高效能運算的需求不斷擴大，我們相信我們已準備好利用這一長期趨勢。

This demand stands in stark contrast to broader market sentiment, where we've seen risk assets, including our own stock come under pressure. Specifically for Bit Digital. The bigger our APC business gets, the more our stock seems to trade like a pure-play big coin liner, which is ridiculous. We believe that we are deeply misunderstood, -- but time is our friend.

這種需求與更廣泛的市場情緒形成了鮮明對比，我們看到包括我們自己的股票在內的風險資產面臨壓力。專門針對 Bit Digital。我們的 APC 業務越大，我們的股票交易就越像純粹的大型投幣公司，這太荒謬了。我們相信我們被深深誤解了，——但時間是我們的朋友。

And eventually, we believe we will be valued properly. While we can't control the macro environment, we are focused on what we can control, executing our strategy, expanding our infrastructure and positioning our business for long-term value creation.

最終，我們相信我們會得到應有的重視。雖然我們無法控制宏觀環境，但我們專注於我們能夠控制的事情，執行我們的策略，擴展我們的基礎設施，並定位我們的業務以創造長期價值。

We believe we are well on our way. A key advantage for our model is the synergistic nature of our colocation and cloud business. These segments are complementary serving different stages of the AI infrastructure value chain with distinct earnings profile and payback periods.

我們相信我們已經走在正確的道路上。我們的模型的一個關鍵優勢是主機託管和雲端業務的協同特性。這些部分相互補充，服務於人工智慧基礎設施價值鏈的不同階段，具有不同的獲利狀況和回報期。

Colocation provides long-term contracted revenue streams. Cloud services offer high-margin shorter duration contracts with greater flexibility. Together, they create a durable and diversified cash flow that supports sustainable growth.

主機代管提供長期合約收入來源。雲端服務提供利潤率較高、期限較短且彈性較高的合約。它們共同創造了持久且多樣化的現金流，支持永續成長。

From a capital allocation perspective, we've taken a pragmatic approach to financing growth. In the past, we have used equity issuance as a bridge financing tool to fund our expansion while we evaluated longer-term cost-effective capital solutions.

從資本配置的角度來看，我們採取了務實的方式來融資成長。過去，我們一直使用股票發行作為過橋融資工具來為我們的擴張提供資金，同時評估長期具有成本效益的資本解決方案。

Given our current valuations, we recognize that issuing equity is clearly less attractive than ever. Our focus is on securing alternative financing options that allow us to scale in a non-dilutive manner that's much more sustainable.

鑑於我們目前的估值，我們認識到發行股票顯然比以往任何時候都更沒有吸引力。我們的重點是確保替代融資選擇，使我們能夠以更永續的非稀釋方式擴大規模。

On the data center side, we are actively pursuing commercial mortgage financing to support our build-out. We are making progress on the front -- on this front and have finally received an attractive term sheet that we can move forward with and continue to explore the best terms before finalizing an agreement.

在資料中心方面，我們正在積極尋求商業抵押融資來支持我們的建設。我們在這方面取得了進展，並最終收到了一份有吸引力的條款清單，我們可以繼續推進並在最終達成協議之前繼續探索最佳條款。

For our Cloud Services business, we are also exploring vendor financing and leasing structures to optimize our GPU investments. Given the rapid evolution of AI hardware, we are structuring our GPU procurement strategy to balance growth and risk management. we are seeing compelling opportunities to scale and our approach ensures that we remain nimble while preserving capital efficiency.

對於我們的雲端服務業務，我們也正在探索供應商融資和租賃結構，以優化我們的 GPU 投資。鑑於人工智慧硬體的快速發展，我們正在建立 GPU 採購策略以平衡成長和風險管理。我們看到了擴大規模的誘人機會，我們的方法確保我們在保持資本效率的同時保持靈活性。

As our business continues to evolve, we are assessing the best structure to highlight the value of each of our business lines. We remain committed to making decisions that drive long-term value creation and position Bit Digital for growth.

隨著我們業務的不斷發展，我們正在評估最佳結構以突出我們每條業務線的價值。我們始終致力於做出推動長期價值創造並為 Bit Digital 的成長奠定基礎的決策。

With that, I would like to open the line for some questions. As a note, we have Billy Krassakopoulos, who leads our data center business; and Ben Lamson, Head of Revenue for White Fiber on the line for some Q&A.

現在，我想回答一些問題。值得注意的是，我們有 Billy Krassakopoulos，他領導我們的資料中心業務； White Fiber 營收主管 Ben Lamson 在線上進行了問答。

Thank you if you would like to, oh I'm sorry, go ahead.

如果您願意的話，謝謝您，哦，對不起，請繼續。

No, I was just suggesting that we should open the line for some Q&A now. Thank you.

不，我只是建議我們現在就開一些問答專線。謝謝。

(Operator Instructions)

（操作員指示）

Mike Grondahl from Northland.

來自北地的 Mike Grondahl。

Hey guys, thanks, first question is just on cloud services. Sam, I think you said the current run rate is $62 million, and you have a contracted customer that's coming on late March, have you named that customer, that gets you to $72 million run rate.

嘿，大家好，謝謝，第一個問題是關於雲端服務的。山姆，我記得你說過目前的運行率是 6200 萬美元，而且你有一個簽約客戶，將於 3 月底到來，你說出那個客戶的名字了嗎？這樣你的運行率就達到了 7200 萬美元。

Yeah, that's D&A funds.

是的，那是 D&A 基金。

Okay. D&A funds. Okay. And then I think there is another -- the 512 GPUs come on, I'll say, roughly July 1 for a $15 million ARR, that gets you to $87 million run rate. Is there anything else contracted to come on right now? I guess that's the first question. Anything else we should be aware of that's contracted that lifts that $87 million.

好的。D&A基金。好的。然後我認為還有另一個——512 個 GPU 大約在 7 月 1 日投入使用，ARR 為 1500 萬美元，這將使您的運行率達到 8700 萬美元。現在有其他簽約嗎？我想這是第一個問題。我們還應該注意簽訂的其他任何合同，這些合約將增加 8700 萬美元。

Well, we're already well past $100 million from a contracted basis, our white fiber business includes both the GPU and data center business. So we -- so we will -- we go ahead.

嗯，我們的合約金額已經遠遠超過 1 億美元，我們的白色光纖業務包括 GPU 和資料中心業務。所以我們——我們會——繼續前進。

Great. So let me ask this question then. You also talked about setting up this on-demand pool. And I think you said that as the potential for $25 million of ARR once it's contracted. And then there was another, I'll call it, GPU pool of 908 that has a $16 million ARR once it's contracted. Did I hear those right?

偉大的。那麼讓我問這個問題。您還談到了設定這個按需池。我認為您說過，一旦簽訂合同，ARR 的潛力就為 2500 萬美元。然後還有另一個，我稱之為 908 的 GPU 池，一旦簽訂合同，其 ARR 為 1600 萬美元。我聽得對嗎？

Yeah, I would love to -- yes, I would like to pass you over to Ben, who heads our revenue for that division. Ben?

是的，我很樂意——是的，我想把你交給負責該部門收入的本。本？

Yeah thanks, Sam. So I want to be clear on this. On Demand is not contracted, but it commands a much higher price per hour than the contracted rates. So that $25 million number for the B200s that are coming online at the beginning of April.

是的，謝謝，山姆。所以我想明確這一點。按需服務無需簽訂合同，但其每小時的價格比合同價格高得多。因此，4 月初上市的 B200 的售價為 2,500 萬美元。

That is an annualized run rate based on those GPUs reaching full capacity on demand. Now we may choose to sell some or all of those on to reserved contracts one, two or three years as that derisks things long term. But in the short term, we expect demand to be so high that we may choose to keep those on demand for a much higher price per hour.

這是基於 GPU 按需達到滿載容量的年運行率。現在，我們可以選擇將其中的部分或全部出售給預留合同，為期一、二或三年，因為這樣可以降低長期風險。但在短期內，我們預計需求會很高，因此我們可能會選擇以更高的每小時價格保留這些隨選服務。

Got it. And that $25 million and then the $16 million, do you think those are going to be, I don't know, generating revenue in the next quarter or two or three? Like how should we think of them contributing or adding to the $87 million, a rough timeline?

知道了。那 2500 萬美元和 1600 萬美元，您認為這些錢會在下一季或兩季或第三季產生收入嗎？例如，我們應該如何看待他們為這 8700 萬美元做出貢獻或增加資金，大致的時間表是什麼？

Yeah, We expect the B200 to start generating revenue in April. As for the H200s, I want to be careful to give a date on those as those are part of some R&D around some product developments and technological developments, we'll be talking about later this year.

是的，我們預計 B200 將於 4 月開始產生收入。至於 H200，我想謹慎地給出一個日期，因為它們是一些產品開發和技術開發研發的一部分，我們將在今年稍後討論。

So, we're going to hold on to those for a little bit to run some R&D around some pretty cool stuff that we're building. And because of that, I don't want to give a hard date on when they're going to start generating revenue. But we'll be talking about some of that in our product road map later this year.

因此，我們將暫時保留這些，圍繞著我們正在建造的一些非常酷的東西進行一些研發。正因為如此，我不想透露他們​​何時開始創造收入的具體日期。但我們將在今年稍後的產品路線圖中討論其中的一些內容。

Great. Okay. And then just one more. on the colocation or data center business, I don't think I heard what fourth quarter revenue was -- and then once we have that number, could we kind of walk through what's contracted and how that's ramping in '25, just like what we did for the cloud services business?

偉大的。好的。然後再來一個。關於主機託管或資料中心業務，我想我還沒有聽說第四季度的收入是多少——然後，一旦我們有了這個數字，我們能否大致介紹一下合約內容以及25年合約內容如何成長，就像我們對雲端服務業務所做的那樣？

Yeah, We have Billy on the line who leads our colocation data center division.

是的，我們的線上客服是 Billy，他是我們主機託管資料中心部門的負責人。

This is let me just jump into that first one, Mike, it was 1.4 was the colocation revenue we recognized, but that was from the date of the acquisition. So like you can annualize that. And for Montreal one, that would be the prevailing run rate until the new capacity comes online?

讓我先談談第一個問題，麥克，我們確認的主機代管收入是 1.4，但那是從收購之日起的。所以你可以將其年度化。對於蒙特利爾來說，在新產能上線之前，這將是目前的運作率嗎？

Got it. And then I think you guys talked about Cerro bras coming online, and that's a $10 million run rate. Is there anything else we should be factoring in today?

知道了。然後我想你們談到了 Cerro 胸罩上線，這是一個 1000 萬美元的運行率。今天我們還需要考慮其他因素嗎？

I don't think we specified the run rate for that beyond just it being 5 megawatts, and you could sort of extrapolate the market rate there.

我認為我們沒有指定超出 5 兆瓦的運行率，您可以推斷那裡的市場價格。

Got it. It's just the only one we should layer in for data center right now. Okay.

知道了。這只是我們現在應該為資料中心分層的唯一一個。好的。

Well, Montreal too, which would be a separate customer that we have not announced, which would also start in the middle of 2025. And then just beyond that, the planned deployments for the second half, which would come on later in the year.

嗯，蒙特婁也是，它將是我們尚未宣布的單獨客戶，也將在 2025 年中期開始。除此之外，下半年的計畫部署將於今年稍後進行。

Got it. Okay, thank you.

知道了。好的，謝謝。

Nick Giles with B. Riley.

尼克吉爾斯 (Nick Giles) 和 B. Riley。

Hey thank you operator good morning everyone guys, congrats on the progress thus far.

嘿，謝謝接線員，大家早上好，祝賀迄今為止的進展。

My first question, you mentioned a 100 megawatt site under LOI that would obviously be transformative. So I was hoping to get some additional color on when this capacity could come online. Is there any existing power infrastructure in place at the site and then would there be a desire for a larger anchor tenant or how should we think about customer mix? Thanks very much.

我的第一個問題，您提到了意向書下的 100 兆瓦站點，這顯然會帶來改變。因此，我希望獲得有關該容量何時可以上線的更多詳細資訊。該場地是否有現有的電力基礎設施，是否需要更大的主力租戶，或者我們應該如何考慮客戶組合？非常感謝。

I'm happy to answer that question in a preliminary way, but Billy, would you like to give some more detailed color on that?

我很樂意初步回答這個問題，但是比利，你想對此進行更詳細的說明嗎？

Sure thing. I think -- so we've identified sites in the United States that we are under LOI presently. There is currently 24 megawatts of power available at this location with a very easy path to 48, basically double within 60 to 90 days. And additionally, we have discussions with the utility provider to get us another 100 megawatts towards the end of 2025.

當然可以。我認為——我們已經確定了目前處於意向書 (LOI) 之下的美國站點。該地點目前有 24 兆瓦的可用電力，而且很容易達到 48 兆瓦，基本上在 60 到 90 天內就能翻倍。此外，我們也與公用事業供應商商討在 2025 年底前再獲得 100 兆瓦的電力。

Got it. Billy, that's very helpful. And so maybe just a follow-up on that. how much of this would be included in your 156 megawatts of exclusive LOI capacity?

知道了。比利，這非常有幫助。所以也許只是對此進行跟進。其中有多少將包含在您的 156 兆瓦專屬 LOI 容量中？

This is about 90% of that right now. Got you 100.

目前大約是這個數字的 90%。給你 100。

100 got it okay.

100 明白了。

Okay. Great. That's very helpful. My next question was just on some of the GPU contracts. What kind of extension options are embedded in these -- some of these smaller six to 12-month contracts. I mean, should we think about all of these customers as very likely to further expand or could some rotate out and you would plan to backfill that capacity? I'm just trying to get a better sense for GPU utilization.

好的。偉大的。這非常有幫助。我的下一個問題是關於一些 GPU 合約。這些較短的 6 至 12 個月的合約包含哪些類型的延期選項？我的意思是，我們是否應該認為所有這些客戶都很有可能進一步擴張，或者有些客戶可能會輪流出去，而您計劃補充這些產能？我只是想更了解 GPU 的利用率。

Absolutely, that's a great question for Ben.

絕對如此，這對本來說是一個很好的問題。

Yeah, I mean, we always -- with these customers, most of the time we're expecting them to both expand the amount of GPUs that they're using and the term. We've seen just broadly across the industry that customers prefer to start with, especially earlier-stage companies prefer to start with shorter deployments as they become comfortable with a new provider. And as we show improve in those -- that shorter deployment term, they end up renewing for a longer and/or larger term.

是的，我的意思是，對於這些客戶，我們大多數時候都希望他們擴大他們使用的 GPU 數量和期限。我們在整個行業中普遍看到，客戶更喜歡從新供應商開始，尤其是早期公司，因為他們對新供應商感到滿意，所以更喜歡從較短的部署開始。隨著我們在較短的部署期限內表現出改善，他們最終會續簽更長和/或更大的期限。

Very helpful. Guys, I'll turn it over for now, but keep up the good work.

非常有幫助。夥計們，我現在就把它翻過來，但請繼續努力。

Thank you.

謝謝。

George Sutton from Craig-Hallum.

來自 Craig-Hallum 的喬治·薩頓 (George Sutton)。

Thank you and an impressive range of opportunities in front of you. So First, on the more traditional financing structures that you're working on, that seems to be the primary governor to further growth. Can you just give us a sense of where those discussions are currently?

謝謝您，您面前有無數令人印象深刻的機會。首先，就您正在研究的更傳統的融資結構而言，這似乎是進一步成長的主要因素。您能否告訴我們目前這些討論的進展？

With respect to the mortgage financing, I think you're referring to. We don't want to get too deep into it so that we don't jinx it, but we have a very attractive term sheet that we are currently planning on making the terms even better.

關於抵押融資，我想您指的是。我們不想深入探討這個問題，以免帶來厄運，但我們有一個非常有吸引力的條款清單，目前我們正計劃讓條款變得更好。

But this is definitely a really strong start for us. And -- so we proceed this would be the most cost-effective way to tap into sources of financing without diluting our equity and which is correct because we couldn't do that with Bitcoin mining.

但這對我們來說絕對是一個非常好的開始。因此，我們認為這將是在不稀釋股權的情況下利用融資來源的最具成本效益的方式，這是正確的，因為我們無法透過比特幣挖礦做到這一點。

You could easily do that with data center and real estate. So we look forward to proving to the markets that we can do this. And now we have finally going after going through a process, a term sheet that we really like. And once we finalize that, we will be able to discuss it publicly.

您可以透過資料中心和房地產輕鬆實現這一點。因此，我們期待向市場證明我們可以做到這一點。現在，經過一個流程，我們終於得到了一份我們真正喜歡的條款清單。一旦我們最終確定，我們就可以公開討論。

Got you. So relative to Boosteroid, I'm curious if you could just talk about what determines the deployment cadence there.

明白了。因此，相對於 Boosteroid，我很好奇您是否可以談論決定其部署節奏的因素。

It's a mix of their GPU needs and also our own, I guess how we want to deploy the capital. I mean, there's only so much runway we have from the balance sheet. So we couldn't realistically do a $200 million deployment for them tomorrow. So it's measured, but we see a lot of opportunity to expand that with Bosera throughout the year, and we expect that to gradually increase.

這是我們想要如何部署資本的混合體，也是我們自己的 GPU 需求。我的意思是，從資產負債表來看，我們的發展空間是有限的。因此，我們明天不可能為他們部署價值 2 億美元。因此，這是經過衡量的，但我們看到全年有很多機會透過博時來擴大這一範圍，我們預計這一範圍將逐步增加。

Got you. And then just a question for Ben relative to White fiber. Can you just give us a sense of the response that you've gotten from the rebranding? And it sounds like you you could now do an on-demand platform. I wasn't aware that you could do that yet with your platform. Is that a little bit of an update on this call?

明白了。然後我只想問 Ben 有關白纖維的一個問題。您能否向我們介紹一下品牌重塑後所得到的迴響？聽起來你現在可以做一個按需平台。我不知道您可以利用您的平台做到這一點。這是這通通話的最新消息嗎？

Yeah, so let me clarify there. So we're going to be offering on-demand instances through a partner. So we do not yet have our on-demand platform live. That's -- I don't want to take -- I don't want to pontificate on when that will be, but we're looking definitely end of this year, early next year for our on-demand platform. So we'll be leveraging a third party to put those instances into an on-demand pool.

是的，那麼讓我澄清一下。因此我們將透過合作夥伴提供按需實例。因此我們的點播平台尚未上線。那是——我不想說——我不想妄加評論什麼時候會實現，但我們肯定會在今年年底或明年年初推出我們的點播平台。因此，我們將利用第三方將這些實例放入按需池中。

And in terms of the response on the rebrand, it's been really positive. You think the way that we're positioning our offering is really well received -- we've had more demand than we've had -- than we've been able to capture due to lack of supply being live, which is a champagne problem. So we're really excited about how the rest of this year is going to go.

從品牌重塑的反應來看，確實非常正面。您認為我們定位產品的方式確實很受歡迎——我們的需求比我們所能滿足的要多——這是由於缺乏現場供應，這是一個香檳問題。因此，我們對今年剩餘時間的進展感到非常興奮。

All right perfect thanks guys.

好的，非常感謝大家。

Kevin Dede with H.C. Wainwright.

Kevin Dede 與 H.C.溫賴特。

Hi, Kevin.

你好，凱文。

Hey, SAM. Great to talk to you. Thanks for having me on. Let me echo Georgia's sentiments impressive array of opportunity. I think as I take a step back and look at it, though, Sam, it's hard to get arms around all the moving parts that you have, obviously, and I think that's what most people have been asking about.

嘿，山姆。很高興和你談話。謝謝你邀請我。讓我附和喬治亞州的感受，這是一個令人印象深刻的機會。我認為，當我退一步來看這個問題時，山姆，很明顯，很難掌握你擁有的所有活動部件，我認為這也是大多數人一直在問的問題。

But beyond that, is the equipment, I know you referenced tariffs, but I guess what I'm wondering is how comfortable are you in the sourcing -- the infrastructure equipment you're going to need to support all these -- all this effort, number one. And number two, is there a contract recourse for Cerebras or for the eventual tenant of Montreal 2 to push back on the contract if you're not able to deliver on time.

但除此之外，還有設備，我知道您提到了關稅，但我想知道的是，您對採購——您需要支持所有這些——所有這些努力的基礎設施設備——有多放心，這是第一點。第二，如果不能按時交付，Cerebras 或蒙特利爾 2 的最終租戶是否有合約追索權來推遲合約。

Yeah, So there are three things you mentioned there. There are a lot of moving parts of our story in our business. I think that sometimes that's a weakness and not a strength. because we have a lot of great things happening, and we're not exactly a one-trick pure play, bitcoin miner. So we're not a one-trick pony. We're doing a lot of different good things on different fronts.

是的，您提到了三件事。我們的業務故事中有很多令人感動的部分。我認為有時候這是一種弱點，而不是優勢。因為我們有很多很棒的事情發生，而且我們並不是一個只做單一業務的比特幣礦工。所以我們不是只有一招的小馬。我們在不同方面做了很多不同的好事。

So sometimes that that story and that narrative gets a little bit lost. So we appreciate when analysts out every -- all the moving parts and provide a good report in terms of like the information of what's happening with respect to our businesses. So just just wanted to comment on that initial statement you made.

所以有時候那個故事和敘述會有點迷失。因此，當分析師能夠了解所有活動部分並提供有關我們業務正在發生的事情的資訊時，我們會很感激。我只是想對你最初的聲明進行評論。

Your second question, is it more on the financing side or on the operational side in terms of the logistics potential disruption of tariffs. Just wanted to understand if you're looking at it from an equipment sourcing perspective or a financing sourcing perspective?

您的第二個問題是，就物流對關稅的潛在影響而言，更多的是融資方面的影響還是營運方面的影響。只是想了解您是從設備採購角度還是融資採購角度來看待這個問題？

More on the equipment side, Honestly, Sam, -- there's -- I mean, obviously, all the demand that you're seeing is echoed throughout the industry throughout North America. So that's the question, right? Will you be able to source? Are you comfortable there? And then there's a recourse for your potential tenants?

更多關於設備方面，老實說，山姆，——有——我的意思是，顯然，你所看到的所有需求都在整個北美的行業中得到了呼應。這就是問題所在，對嗎？您能找到來源嗎？你在那裡舒服嗎？那麼你的潛在租戶有追索權嗎？

Yeah, Billy is going to give an answer to that. But just before he does, I do want to mention one of the main reasons we acquired Enom and that team is because they've been doing this their entire careers and have established logistics supply systems and contingencies.

是的，比利將會對此給出答案。但在此之前，我想提一下我們收購 Enom 及其團隊的主要原因之一是，他們整個職業生涯都在做這件事，並建立了物流供應系統和緊急措施。

So none of this is -- it's just not their first rodeo. And that's why it was really important for us, not just to acquire that Tier 3 data center, but really the team and the pipeline because they know what they're doing. And frankly, before we acquired them, we didn't know what we were doing in colocation services.

所以這一切都不是——這只是他們第一次參加牛仔競技表演。這就是為什麼這對我們來說非常重要，不僅要收購 Tier 3 資料中心，還要收購團隊和管道，因為他們知道自己在做什麼。坦白說，在收購他們之前，我們不知道我們在主機託管服務方面做什麼。

And I salute the others who are trying it for the first time, but we just didn't have that courage and that's why we acquired that team because they know what they're doing. So anyway, with having for that, I would love to turn it to Billy to answer the question more deeply.

我向那些第一次嘗試的人致敬，但我們就是沒有那麼大的勇氣，這就是我們收購這個團隊的原因，因為他們知道自己在做什麼。所以無論如何，既然如此，我很樂意讓 Billy 更深入地回答這個問題。

Thanks, Sam. So the equipment for the 2, 5- megawatt deployments that we have coming online has all been secured. Some of it has actually delivered. A large portion of it is in the production line right now to be delivered within the next 30 to 60 days. Equipment for remainder of 2025, we have purchase orders out deposits on equipment for the 20-or-so megawatts that we forecasted for the remainder of 2025. So we're very confident on that.

謝謝，山姆。因此，我們即將上線的 2.5 兆瓦部署的設備均已獲得保障。其中一些實際上已經實現。目前，大部分產品已進入生產線，將在未來 30 至 60 天內交付。2025 年剩餘時間的設備，我們已經訂購了預計 2025 年剩餘時間約 20 兆瓦的設備訂金。所以我們對此非常有信心。

And we're looking to place orders for deliveries on equipment in 2026 right now on equipment that's site agnostic. So stuff like generators, HVAC equipment, battery equipment, even though we have sites that are under exclusivity LOI that we plan on closing on very shortly. The equipment has already been preordered.

我們現在正在尋求訂購 2026 年交付的設備，這些設備與場地無關。因此，儘管我們有一些處於獨家意向書 (LOI) 之下的站點，但我們計劃很快關閉諸如發電機、暖通空調設備、電池設備之類的設備。該設備已預訂。

And to answer your other question, the 2 clients that are coming online in the next quarter or early third are -- do not have recourse because of our confidence in delivering. I mean we have the equipment. We've secured the sites, the construction has begun. So there's no recourse for these clients if we do not meet the expected delivery date.

回答您的另一個問題，下個季度或第三月初上線的 2 個客戶沒有追索權，因為我們對交付有信心。我的意思是我們有設備。我們已經確定了場地，施工已經開始。因此，如果我們未能如預期交貨，這些客戶就無法獲得賠償。

Thanks very much, Billy, appreciate it, Sam. On the Bitcoin mining side, you teased us a little bit with a 3 extra hash target. hash target. I guess what I'm wondering is why you would even bother. So that's like one question. The other one is on Boosteroid. I understand that your -- if I have it correct, that is that you're leasing, your leasing space in order to host them. And I'm wondering how you've seen that pricing dynamic change, say, I don't know, over the past six months that you've been working with them.

非常感謝，比利，也很感激，山姆。在比特幣挖礦方面，您用 3 個額外的哈希目標稍微戲弄了我們。哈希目標。我想我真正想知道的是，你為何要這麼做。這就像一個問題。另一個正在服用 Boosteroid。我理解 — — 如果我理解正確的話，那就是您正在租賃空間來接待他們。我想知道，在過去六個月與他們合作的過程中，您如何看待定價動態變化？

Sure, with respect to those two questions. The first question is why bother with that Bitcoin mining business? And the other question is the pricing dynamics as the passage of time has gone on with respect to our relationship with Boosteroid. Is that correct?

當然，關於這兩個問題。第一個問題是為什麼要搞比特幣挖礦業務？另一個問題是，隨著時間的推移，我們與 Boosteroid 的關係的定價動態。對嗎？

Yes, yes. No, I understand the involvement in Bitcoin mining. I do understand that, but -- why would you boost from 2.5 or 2.6 to 3. It just doesn't seem to correlate with all the other opportunities you have.

是的，是的。不，我了解參與比特幣挖礦的情況。我確實明白這一點，但是——為什麼要從 2.5 或 2.6 提升到 3。它似乎與您擁有的所有其他機會沒有關聯。

I mean, look, that's a good question. Our priority is the HPC business. There's no doubt. That's where our business is. We think -- we think is somewhat of an arbitrary number. We do the -- we do think there's magic and the three.

我的意思是，你看，這是一個好問題。我們的首要任務是 HPC 業務。毫無疑問。這就是我們的業務所在。我們認為──我們認為這是一個任意的數字。我們確實認為──存在魔法和這三者。

But we also don't want to give up on our Bitcoin mining business. We believe in the thesis of Bitcoin, especially these days with the institutionalization of bitcoin at the stud level and increasingly with financial institutions. And so we are actually really excited in the future to talk a little bit more about digital assets and what we will be doing on that front.

但我們也不想放棄我們的比特幣挖礦業務。我們相信比特幣的論點，尤其是如今比特幣在理論層面的製度化以及金融機構的日益制度化。因此，我們實際上非常高興將來能更多地談論數位資產以及我們在這方面將採取的行動。

But for the time being, we believe that -- when you're mining Bitcoin, you're getting that at a discount to open markets, and that is an important thing to do. But we're not going to expand for our expansion's sake. We're optimizing our fleet. We're making it lean. We're reducing costs and the methods that I talked about earlier today.

但就目前而言，我們相信——當你挖掘比特幣時，你會以低於公開市場的折扣價獲得它，這是一件重要的事情。但我們不會為了擴張而擴張。我們正在優化我們的機隊。我們正在使其變得精簡。我們正在降低成本，採用我今天早些時候談到的方法。

With respect to Boosteroid, your question is kind of not clear to me. You're asking how has pricing changed during the course of time? Is that -- it wasn't clear.

關於 Boosteroid，你的問題對我來說有點不清楚。您問的是價格隨著時間的推移而發生了怎樣的變化？是嗎——這並不清楚。

I think, what he's asked for. I can just interject, Kevin. I mean the way that contract is structured, it's not like our traditional cloud services. It's structured effectively as an equipment lease, which basically means all the data center expenses are effectively pass-throughs? Or more specifically, we're not even build. So it's pretty agnostic, like say, directly pay the data center costs.

我想，這就是他所要求的。我可以插嘴一下，凱文。我的意思是，合約的結構方式不像我們的傳統雲端服務。它實際上被建構為設備租賃，這基本上意味著所有資料中心費用實際上都是轉嫁的？或者更具體地說，我們甚至還沒有建造。所以它是相當不可知的，就像直接支付資料中心成本一樣。

Perfect, Cam. Thank you very much, gentlemen. I appreciate you entertaining everything I had for you. Thank.

完美，卡姆。非常感謝各位先生。我很感激你接受我為你準備的一切。感謝。

You. Thanks, Kevin. Thanks, Kevin.

你。謝謝，凱文。謝謝，凱文。

Thank you.

謝謝。

Greg Pendy with Clear Street.

Clear Street 的 Greg Pendy。

Hi, thanks for taking my call. Hi, In for Brian Dobson. But just, I guess, a question. You're one of the only companies out there that I'm aware of that have deployed Etherium staking yield strategy, but we're hearing from a lot of the other miners and you said earlier, you're going to remain committed to having some Bitcoin mining, at least for now.

您好，感謝您接聽我的電話。大家好，我是 Brian Dobson。但我想這只是一個疑問。據我所知，你們是唯一一家部署了以太坊權益收益策略的公司，但我們從許多其他礦工那裡聽說，而且你之前也說過，你們將繼續致力於進行一些比特幣挖礦，至少目前是這樣。

But how are you evaluating the yield strategies that some of the pure play Bitcoin miners are looking to do on their hotel balance? And would that shift are you still going to very comfortable with taking a term to get yield off the coin? Thanks.

但是，您如何評價一些純粹的比特幣礦工希望在其酒店餘額上採取的收益策略？而且，您是否仍願意接受這種轉變，以期從代幣中獲取收益？謝謝。

Yeah, Well, the yield on Ethereum is higher than Bitcoin. Bitcoin, there is no real yield. There is the yield on Ethereum. But we are -- we want to talk about the future of digital assets and our strategy on that in the medium-term future. I don't want to say too much about it right now. But we do believe that there is a very bright future with digital assets.

是的，以太坊的收益率高於比特幣。比特幣，沒有真正的收益。以太坊有收益。但我們——我們想談談數位資產的未來以及我們中期對此的策略。我現在不想談太多。但我們確實相信數位資產有著非常光明的未來。

We've seen, as mentioned earlier with Kevin that Bitcoin is now an accepted part of the DNA of the financial structure of the United States, they're also now creating a digital asset stockpile for the long tail of other coins and I would imagine that would include Ethereum once that's announced.

我們已經看到，正如先前 Kevin 所提到的，比特幣現在已被接受為美國金融結構 DNA 的一部分，他們現在也在為其他貨幣的長尾創建數位資產儲備，我想一旦宣布，這將包括以太坊。

There are many technologies out there outside of Bitcoin with respect to Ethereum and other coins that are really worth looking at and also provide staking value and have their own merits. And that's something we could get into in the medium-term future.

除了比特幣之外，還有許多與以太坊和其他貨幣相關的技術值得關注，它們也提供了權益價值，並有自己的優點。這是我們可以在中期實現的目標。

But for the time being, we're focused on white fiber, which includes our co-location services with Billy and our cloud business with Ben.

但目前，我們專注於白色光纖，其中包括與 Billy 合作的主機託管服務以及與 Ben 合作的雲端業務。

Okay, thanks.

好的，謝謝。

Okay. And then just one more real quick one. Just we all -- we're hearing from a lot of people that the demand for HBC is out there. But how important is the location specifically near the metro areas? Because there's a lot of other miners out there that are teasing the idea of pivoting maybe some other to HPC. But just from your discussions and what you're seeing in the environment, can you get more specific on what's drawing people? Is it location? Is it near metro areas or even near specific climate areas that are drawing people.

好的。然後再快速地做一個。我們都聽到很多人說對 HBC 有需求。但是，地理位置靠近大都市有多重要？因為有許多其他礦工正在考慮轉向 HPC。但是，僅從您的討論和您所看到的環境中，您能否更具體地說明什麼吸引了人們？是位置嗎？它是否靠近大都市地區，或是否靠近吸引人們的特定氣候區域。

Yeah, Billy will certainly offer a more technical answer than mine, but clearly, there is business that we have won -- and there are certain requirements, particularly on the inference side that require low latency, which means you have to be in cities or near cities in order to provide for such clients. And so we've always taken that view for a long time.

是的，比利肯定會提供比我更技術性的答案，但顯然，我們已經贏得了業務 - 並且有一定的要求，特別是在推理方面需要低延遲，這意味著你必須在城市或城市附近才能為這樣的客戶提供服務。我們長期以來一直持這種觀點。

Our thesis is proving correct. We understand that other bitcoin miners are building in different places, and we salute them and we hope -- we wish them the best. But with respect to our strategy, we prefer to have our Tier 3 data centers in metropolitan areas or near them, particularly with respect to inference.

我們的論點被證明是正確的。我們知道其他比特幣礦工正在不同的地方進行建設，我們向他們致敬並希望——我們祝他們一切順利。但就我們的策略而言，我們傾向於將我們的 Tier 3 資料中心設在大都市地區或附近，特別是在推理方面。

And it's one of the reasons why, frankly, one businesses like Cerebras. But Billy, do you have anything more to add to that? I'm sure you do. I'm not -- my technical towers is not as good as ours when it comes to this.

坦白說，這也是為什麼企業喜歡 Cerebras 的原因之一。但是比利，你還有什麼要補充的嗎？我確信你會的。我不是——就這一點而言，我的技術塔不如我們的好。

We look for sure, we prefer urban markets because latency is very important in these types of installations. But I mean, the markets that we're looking at price per square foot is not in the high to extreme ranges. We always look for locations, we try to balance out their locations.

我們當然會尋找，我們更喜歡城市市場，因為在這些類型的安裝中延遲非常重要。但我的意思是，我們所關注的市場每平方英尺的價格並不處於過高或極端的範圍內。我們總是在尋找位置，並嘗試平衡它們的位置。

That's very helpful. Thanks.

這非常有幫助。謝謝。

And the next question will come from Joe Gomes with Noble Capital.

下一個問題來自 Noble Capital 的 Joe Gomes。

Hi Joe. Good morning. Thanks for taking my questions. So I just wanted to circle back here to something you said, Sam, it sounds like given where the stock is, you're going to turn the ATM off, and you know last year you guys raised over $240 million from that. And just kind of want to get your thoughts that you're comfortable that you can finance through other means that type of capital going forward here.

嗨，喬。早安.感謝您回答我的問題。所以我只是想回到你說過的話，山姆，聽起來，考慮到股票的現狀，你會關閉 ATM，你知道去年你們從中籌集了超過 2.4 億美元。只是想了解您的想法，您是否願意透過其他方式為此類資本進行融資。

Yeah, At these current levels, there is no desire tap into the ATM. And frankly, we don't want to. We don't. We -- it hurts us as shareholder owners, which is where we are to dilute the shareholding -- and we -- one of the reasons why we decided to pivot and expand and aggressively pursue the HPC business through cloud, through colocation services. Is that it is a much easier path to take on debt. But digital has had historically 0 debt in the past.

是的，在目前的水平下，沒有人願意使用 ATM。坦白說，我們不想這麼做。我們沒有。這對我們作為股東的利益造成了損害，這就是我們稀釋股權的原因之一，這也是我們決定透過雲端運算和主機託管服務轉型、擴張並積極開展 HPC 業務的原因之一。這是一條更容易承擔債務的途徑。但過去數位產業的債務一直是零。

And the reason is because when you take on debt, you can't -- if you take on debt for Bitcoin mining, you can't model out your future cash flows unless you're using a different type of Excel spreadsheet that I'm used to. You just can't predict the future cash flows because you don't know where the price of Bitcoin is going to be.

原因是，當你承擔債務時，你不能——如果你為比特幣挖礦承擔債務，你就無法模擬你未來的現金流，除非你使用我習慣的不同類型的 Excel 電子表格。你無法預測未來的現金流，因為你不知道比特幣的價格會是多少。

So when Bitcoin miners are taking on debt to finance their expansion. It's a wild gamble, and that didn't exactly turn out very good for many Bitcoin miners. So we never took on debt historically. And most Bitcoin miners, they realize the risk of taking on debt there, too, and they are aggressive with their ATM.

因此，當比特幣礦工承擔債務來為其擴張提供資金時。這是一場瘋狂的賭博，對於許多比特幣礦工來說，結果並不好。因此，我們在歷史上從未承擔過債務。大多數比特幣礦工也意識到承擔債務的風險，因此他們積極使用 ATM。

We decided if we're going to go towards a business that's noncyclical and we can tap into nondilutive sources of capital, in other words, not touch the ATM. And which is exactly what we're doing now, particularly on the data center side, for example, we already have a very attractive term sheet from a Canadian bank lender where the terms are incredible, and we don't have to use the ATM if that's the kind of financing terms that we can do.

我們決定是否要進入非週期性的業務，並且可以利用非稀釋性的資本來源，換句話說，不觸碰 ATM。這正是我們現在正在做的事情，特別是在資料中心方面，例如，我們已經從加拿大銀行貸款人那裡獲得了一份非常有吸引力的條款清單，其中的條款令人難以置信，如果我們可以做到這樣的融資條款，我們就不必使用 ATM。

And it's easier to use those sources of financing because you can model future cash flows when it comes to colocation services. You can model future cash flows when it comes to the cloud business. You can't do that with Bitcoin mining, which is why, as I said, we have 0 debt because we were Bitcoin miners and now we have become something very different, and that's why we're ready to take on debt at very attractive terms in order to expand our businesses that are growing exponentially.

而且使用這些融資來源會更加容易，因為當涉及到主機託管服務時，您可以模擬未來的現金流量。當談到雲端業務時，您可以模擬未來的現金流。比特幣挖礦無法做到這一點，這就是為什麼，正如我所說，我們的債務為零，因為我們曾經是比特幣礦工，而現在我們已經成為完全不同的東西，這就是為什麼我們準備以非常有吸引力的條件承擔債務，以擴大我們呈指數級增長的業務。

Now I would just say that equity financing is painful, Joe. But I mean, if you look at the platform we built in 2024, I mean we feel very good about that. And so I think it is very good use of funds and near term as a source of funds, we would likely opt to sell some digital assets before equity?

現在我只想說股權融資是痛苦的，喬。但我的意思是，如果你看看我們在 2024 年建立的平台，我們對此感覺非常好。因此，我認為這是對資金的非常好的利用，並且作為短期資金來源，我們可能會選擇在股權之前出售一些數位資產？

Okay.

好的。

Appreciate that call thanks guys.

非常感謝您的來電，謝謝大家。

Good question. Tough one, but happy to happy to answer it.

好問題。這是一個棘手的問題，但我很樂意回答。

And that does conclude the question-and-answer session. I'll now turn the conference back over to you.

問答環節到此結束。現在我將把會議交還給你們。

Well, thank you very much, ladies and gentlemen. This concludes the call for Bit Digital. We look forward to the next quarterly call. Stay tuned for some more very interesting news. And that's it. Thank you so much. Have a great day.

好吧，非常感謝各位，女士們、先生們。對 Bit Digital 的呼籲到此結束。我們期待下一次季度電話會議。請繼續關注更多非常有趣的新聞。就是這樣。太感謝了。祝你有美好的一天。

And that does conclude today's conference. We do thank you for your participation. Have an excellent day.

今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。